SEC extends registration of e-dividends to February 2018

The Securities and Exchange Commission (SEC) has announced an extension of the free e-dividend registration exercise till February 28, 2018.

This, it said, was to encourage more shareholders to mandate their bank accounts and that the decision was based on its developmental role.

The SEC noted that in reviewing the progress of the e-dividend registration exercise after the December 31, 2017 deadline, it realised that there was still an influx of shareholders desirous of mandating their bank accounts for payment of dividends electronically.

A statement from the commission yesterday said: “In light of the foregoing, the SEC, as part of its developmental role, has extended the period for the free e-dividend registration exercise till February 28, 2018, to encourage more shareholders mandate their bank accounts.

“Accordingly, shareholders that are yet to register should approach their banks or registrars to mandate their bank accounts for the collection of their dividends electronically, including unclaimed dividends, not exceeding 12 years of issue.”

SEC had announced that the e-dividend registration exercise would continue seamlessly in spite of the expiration of the December 31, 2017 free registration deadline.

Acting Director General of SEC, Abdul Zubair, who made the announcement at a press briefing, enjoined investors that are yet to enroll to continue with the registration exercise.